Play Ball! Estate Planning and the Movies

Play Ball! Estate Planning and the Movies

By Melinda Gustafson Gervasi

April 1, 2024

Play Ball!  This All-American cry was heard from coast to coast last week as a new season of major league baseball started.  In a nod to this American past-time, I decided to watch the 1994 movie Little Big League which tells the tale of a 10 year old boy who inherits the Minnesota Twins from his grandfather.  Combine that storyline with today being April Fool's Day, and I am here to share what is likely obvious -- estate planning is not a joking matter. 

Too often Hollywood uses estate planning and probate scenarios to spin an entertaining story. However, too many people believe what they see on the big (and little) screen.  What makes for a good movie is not necessarily how the real world of estate planning works.  In the film the grandfather is portrayed as a very wealth man.  At this death, via video he "supplements" his will with a video message giving his favorite possession, the Minnesota Twins, to his favorite person, his grandson Billy.  A bit of a savant at the sport, Billy fires the unlikable manager and takes on the role himself.  The film is enjoyable, but a few glaring points stuck out to me:

1. Assets left to a minor are normally transferred to a trust, which is a tool to hold an asset until the minor reaches an age where they are mature enough to manage it themselves.  During the time the asset is "inside" the trust, a trustee manages the asset on behalf of the minor;
2. Using a video or recorded message is not likely a sufficient tool to amend a will (amending a will is dictated by state statues, for example it may need to be in writing and witnessed by two people); and
3. The film implied that the grandfather's attorney was a solo practitioner, which is highly unlikely for a high net worth client.  Given the complexity of business holdings and the potential for federal estate taxes, a large firm with a team of lawyers would most likely be advised.

I love stories and am a huge fan of the movies.  I just know not to take what they say about the law as the truth.  When in doubt, seek advice from a licensed attorney in your home state.  Thank you for reading and be well.